South Africa’s rand held on to gains against the dollar on Tuesday after President Cyril Ramaphosa was re-elected as leader of the governing African National Congress (ANC) party.
At 0711 GMT, the rand traded at 17.3200 against the dollar, 0.17% stronger than its previous close.
The local currency jumped on Monday as Ramaphosa beat former health minister Zweli Mkhize to secure a second five-year term as ANC leader, clearing the way for him to contest the presidency again at 2024 elections.
ETM Analytics said in a note that the news of Ramaphosa’s re-election came as a relief to investors.
“All eyes will return to offshore developments, including global equity market performance, China’s unfolding COVID experience and the guidance from global central banks,” analysts said, suggesting a calmer end to the year.
The government’s benchmark 2030 bond was almost unchanged in early deals, with the yield at 10.145%.
